VIGAN CITY, Aug. 7 (PIA) — Pag-IBIG Fund has warned business establishment owners in Ilocos, who do not register their employees to the Fund, that they are violating the Pag-IBIG Fund Law of 2009.
Local coordinator Analiza Jamandre said the law requires companies to register their employees earning at least P1,000 a month.
“Non-registration of employees means they are deprived of their benefits as Pag-IBIG Fund members,” she said.
Jamandre said violators of the Pag-IBIG Fund Law will face six years imprisonment or fines, if found guilty.
She also urged LGUs, which were affected by recent typhoons to request for calamity loans for Pag-IBIG Fund members through a resolution from the Sanggunian Bayan or Sangguniang Panlunsod and approved by the Provincial Board.
Pag-IBIG has reduced the interest rate of its calamity loans to help families affected by typhoons and other disasters at a yearly interest rate of 5.95 percent compared to the previous 10.75 percent.
Vice President Jejomar Binay, Pag-IBIG Fund board chairman, said Pag-IBIG intend to ease the burdens of its members living in typhoon-prone areas and those hit by other natural calamities.
The Fund offers the lowest interest rate on calamity loans in the market without compromising its sustainability.
Members may borrow 80 percent of their total savings. The government corporation has also offered a three-month moratorium on housing loan payments to affected members.
Atty. Darlene Berberabe, Pag-IBIG president and chief executive officer, also said the Fund is encouraging members working in strife stricken areas abroad to avail of its Special Assistance Program, where they can withdraw their total savings without having to wait for 20 years for their membership to mature.
The Pag-IBIG official said these are the ways of showing continuing concern for local and overseas members, and helping out its members during their times of need.
She added that the members may also avail of a six-month moratorium on their housing and short term loan payments. (ANL/BPP-PIA 1 Ilocos Sur)